CryptoQuant analysts say that Bitcoin has emerged from the bear market and entered the early stage of a bull market

Analysts at the cryptocurrency research firm CryptoQuant believe that Bitcoin has emerged from the bear market, but a short-term pullback may occur. CryptoQuant founder Ki Young Ju posted on social media that Bitcoin has entered the early stage of a bull market and pointed out that the current trend is consistent with the market conditions before the last bull market.

CryptoQuant's research shows that the inflow of funds to derivatives exchanges has resumed, confirming that traders have entered a risk-on mode, which has historically marked the beginning of a new bull market. The firm's analyst Theophiluspep stated that while Bitcoin is entering a bull market, spot demand, ETF fund flows, and market momentum have turned bullish, while high profit-taking, inflows to exchanges, and overbought conditions suggest a potential short-term cooling.

Bitcoin continued to rise last week, increasing by 22% over the past 7 days, with the latest price at $78,716, briefly touching $81,160 on Monday. Previously, in June and July, Bitcoin mostly traded below $65,000. U.S. investors reversed direction last week and bought Bitcoin ETFs, achieving the best weekly performance since October, with data from Farside Investors showing that related funds managed by institutions such as BlackRock, Fidelity, Grayscale, and Morgan Stanley saw an inflow of $1.9 billion in new funds. Additionally, the U.S. Treasury announced last week that it would at least double its long-term Treasury bond repurchase scale, leading to a decline in yields, with Bitcoin and gold rising in tandem.